WON SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 34,385 $ 37.837 $36,722 $ 42,582 Accounts receivable 17.801 Accounts payable Notes payable 27.766 19,008 16,200 Inventory 36.310 42.632 Other 19.864 Total 24.634 S 88.496 S108.235 Total $_75.594 $ 83.416 Long-term debt S 115.000 $145.000 Owners' equity Common stock and paid-in surplus $ 55.000 S 55.000 Fixed assets Accumulated retained earnings 307.217 344,452 Net plant and equipment 464.315 519.633 Total 5.362.212 $399.452 Total assets S552,811 S627.868 Total liabilities and owners' equity S 552,811 S627.868 2018 Income Statement Sales $ 506,454 359,328 44,463 Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (25%) $ 102,663 19.683 $ 82,980 20,745 Net income $ 62,235 Dividends $ 25,000 Retained earnings 37.235 26. Calculating Financial Ratios [LO2] Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): Short-term solvency ratios: a. Current ratio b. Quick ratio. c. Cash ratio